Spare me.... BPL is dead money for as long as they are underwater on their distribution to DCF ratio. The big money has been pouring into MMP because they are the spectacular alternative to BPL for long term growth.
The choice is simple.... take your yield and negative capital appreciation and call that a terrible TOTAL return or take your much lower distribution yield from MMP and your 12-15% capital growth and call that a fantastic return.
You yield chasers have got to start looking at total return. BPL overpaid for its GP, for BP assets, and for Boorco offshore terminal assets and the continuing quarter on quarter degradation of dcf and continued drop in dcf coverage to mid 80% is the reason why the yield is so high; NOT because there is growth because there is no significant growth in their old line north by northeast pipeline systems which are old and mature.